Stock Exchange Notice
Date: 6 November August 2018
GC Rieber Shipping - Third quarter results 2018 and invitation to webcast
GC Rieber Shipping ASA had a fleet utilisation of 99 % in the third quarter of 2018 despite continued challenging market conditions. The subsea and ice/support vessels have contract coverage of 92% for the remainder of 2018, and two of Shearwater GeoServices's active vessels are booked for the same period.
In the third quarter, Shearwater GeoServices announced an agreement to acquire the marine seismic acquisition assets and operations of WesternGeco, the geophysical services product line of Schlumberger, forming a global market-leading geophysical company.
GC Rieber Shipping had operating income of NOK 69.6 million in the third quarter of 2018, compared with NOK 80.9 million in the corresponding period of 2017. EBITDA was negative NOK 6.5 million in the third quarter of 2018, compared with positive NOK 63.7 million in the third quarter of 2017. The reduction in EBITDA from 2017 is mainly related to loss from joint ventures.
"We are pleased to report continued high utilisation in a quarter with challenging market conditions. There are signs of improvement in the offshore market, but this has yet to impact market rates which remain under pressure.", says GC Rieber Shipping's acting CEO, Einar Ytredal.
Please find the report and presentation for the third quarter 2018 enclosed.
A presentation via webcast of the company's results will be held on GC Rieber Shipping's website, www.gcrieber-shipping.com, 7 November at 8:30 CET. A recorded version of the presentation will be available on the website after the webcast is finished.
For further information, please contact:
Einar Ytredal, acting CEO, phone: +47 975 20 184
About GC Rieber Shipping:
GC Rieber Shipping's business within offshore/shipping includes ownership in specialized vessels, high quality marine ship management and project development within the segments subsea, ice/support and marine seismic. The group has a specialized competence in offshore operations in harsh environments as well as design, development and maritime operation of offshore vessels.
GC Rieber Shipping currently operates and has direct and indirect ownership in 11 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments.The company has its headquarter and a ship management office in Bergen, and an additional ship management company in Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo Børs with ticker RISH.
Further information is available on the company's website www.gcrieber-shipping.com.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.